Common use of Trustee and Trust Administrator Eligibility Requirements Clause in Contracts

Trustee and Trust Administrator Eligibility Requirements. Each of the Trustee and the Trust Administrator hereunder shall at all times be a corporation or a national or state-chartered bank or a national banking association acceptable to the Certificate Insurer and that is not an affiliate of the Depositor or the Master Servicer, organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 or a member of a bank holding company whose capital and surplus is at least $100,000,000 and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and surplus of such corporation, bank or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time any Trustee or Trust Administrator shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee or the Trust Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The corporation, bank or association serving as Trustee or Trust Administrator may have normal banking and trust relationships with the Depositor and the Master Servicer and the respective affiliates.

Trustee and Trust Administrator Eligibility Requirements. Each of the Trustee and the Trust Administrator hereunder shall at all times be a corporation or a national or state-chartered bank or a national banking association acceptable to the Certificate Insurer and that is not an affiliate of the Depositor or the Master Servicer, organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 or a member of a bank holding company whose capital and surplus is at least $100,000,000 and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and surplus of such corporation, bank or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time any Trustee or Trust Administrator shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee or the Trust Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The corporation, bank or association serving as Trustee or Trust Administrator may have normal banking and trust relationships with the Depositor and the Master Servicer and the respective affiliates.

Trustee and Trust Administrator Eligibility Requirements. Each of the Trustee and the Trust Administrator hereunder shall at all times be a corporation or a national or state-chartered bank or a national banking association acceptable to the Certificate Insurer and that is not an affiliate of the Depositor Seller or the Master Servicer, organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 or a member of a bank holding company whose capital and surplus is at least $100,000,000 and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and surplus of such corporation, bank or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time any Trustee or Trust Administrator shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee or the Trust Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The corporation, bank or association serving as Trustee or Trust Administrator may have normal banking and trust relationships with the Depositor Seller and the Master Servicer and the respective affiliates.